World

US Calls on China to Fulfill Busan Trade Deal Commitments

By Reuters

United States Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng to urge Beijing to immediately implement the commitments made under the Busan trade agreement. Bessent stressed the importance of China fully and promptly carrying out its obligations and expressed concerns about recent Chinese actions. He said that progress depends on concrete results and that the United States will closely monitor China’s implementation of the arrangement. The statement refers to a trade deal negotiated between Washington and Beijing in which President Donald Trump and President Xi Jinping agreed to ease tariffs and lift restrictions on technology to de‑escalate tensions after a cycle of reciprocal tariffs. On Thursday, China said it was open to buying more U.S. farm goods if the two largest economies implemented the reciprocal tariff‑cut arrangement. Chinese Ministry of Commerce spokesperson Huang Ling said China has consistently been willing to expand purchases of U.S. agricultural products, but only if the parties implement the agreed ‘30 billion for 30 billion’ tariff‑reduction deal. The move follows a September meeting between Trump and Xi, when the White House proposed $60 billion in cuts, including $17 billion worth of U.S. farm goods. In May, the White House said Beijing agreed to buy $17 billion of U.S. agricultural goods annually from 2026, with this year’s target adjusted on a prorated basis. Those purchases were in addition to a commitment made last October to buy U.S. soybeans. Bessent reiterated the Trump Administration’s commitment to pursuing trade and economic policies that benefit American workers, farmers, and businesses and strengthen U.S. economic and national security.